Tesla’s stock is up roughly 8 percent during Monday trading hours, and analysts at Citi are optimistic about upcoming developments and the company’s fourth-quarter results, according to a report from MarketWatch.
Tesla has named March 1 as its investor day at Giga Texas, which some expect to offer answers for many recent concerns aired by shareholders. The event set to be live-streamed will take place after Tesla’s Q4 earnings call set for January 25, 2023.
Tesla’s recent stock selloff “has been driven by legitimate negative developments,” according to Citi analyst Itay Michaeli in a note to clients shared on Monday.
Although fourth-quarter results may not necessarily quell recent investor concerns, Tesla’s shares are looking like they could have their highest close in at least two weeks. This, Michaeli says, reflects “weakening sentiment also reflects a lack of visibility on key go-forward items.”
Tesla Supplier IDRA Sending 9,000-Ton Giga Press to Asia, Customer Unknown https://t.co/cxPa98cVNE
— TeslaNorth.com (@RealTeslaNorth) January 9, 2023
These “go-forward” items include gross margins in 2023, delivery and production forecasts, and upcoming new and refreshed vehicle models such as the Cybertruck and refreshed Model 3.
The investor day discussion “could provide much-needed visibility/’hand-holding’” on the aforementioned subjects, which “could conceivably provide at least a temporary sentiment boost,” Michaeli added.
The optimism comes just a few days after Tesla’s Model Y entered the top 10 best-selling vehicles in the U.S. for the first time, beating out notable gas cars such as the popular Honda CR-V.
